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Vendetta Secures 100% Interest in Pegmont Lead / Zinc Project and Closes First Tranche of Private Placement
Vancouver, British Columbia--(Newsfile Corp. - June 3, 2019) - Vendetta Mining Corp. (TSXV: VT...
About this update from Vendetta Mining Corp.
[{"type":"text","content":"Vendetta Secures 100% Interest in Pegmont Lead / Zinc Project and Closes First Tranche of Private PlacementVancouver, British Columbia--(Newsfile Corp. - June 3, 2019) - Vendetta Mining Corp. (TSXV: VTT) (\"Vendetta\" or the \"Company\") is pleased to announce that the Company completed all payments to the vendor of the Pegmont Lead-Zinc project on May 9, 2019, at which time the sale to Vendetta of the Project completed and Vendetta is now the owner of the Pegmont tenements. The formal transfer to update the legal title to the exploration permit and three mining leases that comprise the project is now in progress. To hasten the transfer processes, in December 2018, the Company obtained indicative approval for the titles transfer from the Department of Natural Resources, Mines and Energy. It is expected that transfer of legal title will be completed in the next few weeks.Private PlacementThe Company has closed the first tranche of the previously announced private placement. In the first tranche, the Company issued a total of 5,772,500 units (the \"Units\") at a price of $0.10 per Unit for gross proceeds of $577,250. Each Unit comprises one common share and one-half of one common share purchase warrant exercisable for two years at a price of $0.15. The Company expects to close the balance shortly.Net proceeds from the financing will be used to advance the development of the Pegmont Lead-Zinc project and general working capital.Total commissions of $1,600 were paid in association with the proceeds of this private placement.Elysium Mining Ltd (\"Elysium\"), a private company controlled by Mr Peter Voulgaris a director of the Company, acquired 300,000 Units pursuant to the final tranche of the Private Placement. Elysium's participation is considered to be a \"related party transaction\" as defined under Multilateral Instrument 61-101 (\"MI 61-101\"). The transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the securities to be distributed in the Private Placement nor the consideration to be received for those securities, in so far as the Private Placement involves Mr Voulgaris, exceeds 25% of the Company's market capitalization.The Company did not file a material change report more than 21 days before the expected closing of the private placeme...